This paper explores the changes effected in the Spanish regulatory regimes over the last 150 years, and asks what have been the forces driving the regulatory reforms. A study of the Spanish experience reveals that there was relatively little statutory legislation until 1914 and for a long time there was no reaction to crises. In contrast, regulations have been altered on numerous occasions in the twentieth century. The paper also shows that the regulatory process has been the result of the interplay between economic as well as political economy forces. Moreover, and despite some idiosyncratic features, the Spanish regulatory history is similar to that of other European nations.